Gavel on money

Cynthia Ann Giovacchino of Ansonia and Shelton, Connecticut, a stockbroker currently registered with LPL Financial LLC, is identified in a customer initiated investment related written complaint on September 3, 2021, where the customer sought compensatory damages founded on allegations of unsuitable investment recommendations by Giovacchino while he was employed by LPL Financial. According to the complaint, the customer was advised to invest in an illiquid business development company (BDC) and a real estate security product. The complaint alleges that the alternative investments were unsuitable given the customer’s investment objectives.

Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Giovacchino has been identified in three additional customer initiated investment related disputes regarding accusations of his harmful activities while employed by LPL Financial. On June 5, 2018, a customer filed an investment related complaint involving Giovacchino’s conduct in which the customer requested $35,000.00 in damages supported by allegations of Giovacchino’s omissions of information, including the liquidity restrictions relating to alternative investments purchased through Giovacchino while he was registered with LPL Financial. The complaint alleges that Giovacchino provided unsuitable investment recommendations to the customer between April 23, 2014, and June 5, 2018.

Giovacchino is also the subject of a customer initiated investment related written complaint which was resolved for $35,693.30 on April 20, 2020, based upon accusations of unsuitability relating to Giovacchino’s recommendation of selling a variable annuity and buying a real estate investment trust (REIT) with the proceeds. According to the complaint, the risks of the REIT were not reasonably disclosed by Giovacchino. The complaint also alleges that false information regarding the customer’s net worth was placed on an account document following the customer’s signing of the document.

Also, on April 20, 2020, a customer initiated investment related complaint regarding Giovacchino’s activities was settled for $63,713.96 in damages founded on allegations of Giovacchino’s unsuitable advice concerning REITs. The complaint alleges Giovacchino’s failure to apprise the customer of the risks of investing in REITs. Customer account documents relating to the REIT had allegedly been altered after the customer signed them.

Giovacchino has been associated with LPL Financial as a stockbroker since October 11, 2011, and as an investment adviser representative since November 19, 2012.